Aussie insurance collapse due to culture of mismanagement

CANBERRA, Australia (AP) _ A culture of mismanagement and extravagance led to Australia's largest-ever corporate collapse, an independent inquiry said Wednesday in a report urging a thorough criminal investigation into former executives of HIH Ltd insurance company. 

Australia's second-largest insurer collapsed in March 2001 with debts of about 5.3 billion Australian dollars (US$3 billion), leaving thousands of policy holders with outstanding claims and leading to the collapse of many home-building companies insured by HIH.